For a true bottom where price and valuation , and RSI, are together, we need a second bottom with a higher low, that matches up with the RSI second low trend line. Fundamentally, the final shake out has to happen, where weak oil companies get flushed out, reducing the rig count, and also putting total control of the rig count (aka supply) in the hands of just a few large companies XLE, versus the XOP. Brexit causes economic slow down, less oil demand all of euro zone. Revenues have to stay where they are, so the working rigs just pump more, lowering the price, like we saw before. Only this time, is the real deal, and the strengthening dollar just forces price down on its own, and the usdollar has plenty room to run higher to its next resistance. Japan will help too by devaluing the yen, as it needs to do, and china may as well (I think they did this yesterday a little bit) . The dollar can handle it, and oil will suffer. Way too many factors, pointing to this final dip in oil. Its XOP puts for me, layered august and sept.